Ontario Proposes Amendment to Limitations Period on Demand Loans

Schedule L of Bill 114 in Ontario, if passed, will effectively over-rule the Ontario Court of Appeal decision in Hare v Hare. The Bill will amend the Limitations Act, 2002, by tying the limitation period to the date of default under a demand loan rather than the date of the loan. The Ontario Bar Association discusses this issue in its October 28th e-newsletter.